Was it supposed to be funny, or interesting, or was it a parody on something I am unfamiliar with?

Is there a purpose to that video?
What is project runway?

It wasn't a parody. It was a running contest for a television show called "Project Runway". Create a video, if it's viewed enough it is entered in the running for a private audition for the show. Winning the show gets you $100,000 to start a fashion business, as well as other random prizes, mentor ships and the like. She already has one here...

"Even in 'Off-Topic' I was hoping for more from P-town."

That's funny, so was I. I guess no matter you live assholes are assholes.